Here's why Trump doesn't want you to see his tax returns

Republican presidential candidate Donald Trump speaks during an interview with the Associated Press in his office at Trump Tower.

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This Week in Crain's New York: May 16, 2016

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After saying he would release his tax returns once the IRS finished auditing them, Donald Trump has changed his mind and insists he won't make them public at all. "There's nothing to learn from them," he told the Associated Press, adding that voters aren't interested.

Ha!

Trump's tax returns would tell us about how the presumptive GOP presidential nominee really ticks more than any other document, which is precisely why he doesn't want them made public. The returns would go a long way to revealing just how wealthy this self-proclaimed billionaire really is. Trump once said in a court deposition that his wealth "goes up and down with markets and with attitudes and with feelings, even my own feeling." But you can't fudge a tax return—unless, of course, you’re willing to risk getting caught for fraud.

Real estate professionals such as yourself have extraordinary leeway when it comes to tallying up their incomes. For instance, they can accelerate depreciation rates on properties and in the process create losses to offset gains. Have you engaged in these or other tactics to minimize your income?

Have you sheltered any income in offshore entities? Do you control any shell companies?

How many of your personal expenses have been paid by your company, the Trump Organization? Such payments must be taxed like income, so have they been? Likewise, celebrities often deduct expenses associated with promoting and maintaining their image. How do you handle this, considering that your brand and company are closely connected?

You have said that your tax returns are audited every year. Has the IRS raised any objections in this or prior years to the way your returns have been prepared? If so, how did you and your accountants at WeiserMazars respond?

In your financial statement filed last year with the Federal Election Commission, you claim that you made $362 million in income in 2014. However, Fortune demonstrated that figure overlooks a flood of expenses and is actually revenue. How much did you really make in 2014 and other years, and why don’t you want voters to know?

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